1.3 Percent Annual Inflation Rate Recorded In May Due To Gas Prices

Already down half the year, and so far, May has been the only stable month in Ottawa recording 1.3 percent inflation rate all thanks to the weakening of their gas prices. After the month of May, April recorded 1.6 percent rate in their inflation rate due to bakery services, internet access services, and also electricity.

However, the central bank is set to make a scheduled interest rate announcement on July 12, though one thing is certain, May’s inflation number would definitely be a factor used in moulding the schedule that would be announced.

Basically, this decision would cover a lot of statements airing around, some of which includes, the lower readings from two of the top three banks based on their measures of core inflations, plus the hike in the benchmark interest rate which might take the historical low level of 0.5 percent inflation rate to another level by the end of the year.

Apparently, some economists still feel that the bank should hold a bit before announcing schedule due to the weak core inflation they are being faced with. Some of the areas that contributed to this inflation includes food prices falling down to 0.1 percent last month, shelter prices rising to 1.9 percent, and also transport increasing up to 2.2 percent.

From Statistic Canada below is a list of some of the inflation rates for selected Canadian cities for May with the previous month in brackets.

Toronto: 1.9 (2.2)

Ottawa: 1.0 (1.6)

Thunder Bay, Ont.: 0.9 (1.5)

Winnipeg: 1.1 (1.8)

Regina: 0.9 (1.4)

John’s, N.L.: 3.0 per cent (3.5)

Charlottetown-Summerside: 1.4 (1.5)

Halifax: 0.5 (0.8)

Saint John, N.B.: 2.4 (2.7)

Quebec: 0.6 (0.8)

Montreal: 0.8 (1.0)

Saskatoon: 1.0 (1.6)

Edmonton: 1.3 (1.7)

Calgary: 1.4 (1.8)

Vancouver: 1.8 (1.9)

Victoria: 2.0 (2.3)

From Statistic Canada below is a list of some of the inflation rates for selected Canadian provinces and territories for May with the previous month in brackets.